Just finished reading this topic.

Sorry, but I still don't understand exactly how the pre-IPVO works.

Lets say I want to buy 100 pre-IPVO shares, how many XBOND do I need to have? What does "redeem XBOND" means, XBOND "burns" after pre-IPVO purchase?

Unrelated question, does Havelock has fee on share sales?